Tuesday, Mar 05, 2013

Cgt

Telegraph: HMRC targets second home sales

HM Revenue & Customs is launching a campaign today targeting people who sold second homes without declaring any profits made to the taxman.

Posted by dill @ 07:23 AM (1131 views) Add Comment

5 Comments

1. dill said...

And here are the details:

http://www.hmrc.gov.uk/campaigns/psc.htm

Tuesday, March 5, 2013 10:42AM Report Comment
 

2. stuartking said...

I find the comment by Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants (ACCA) amusing: “HMRC need to be very careful to operate with a light touch [as] there are situations where ordinary people will get caught. For example when two people, each with a property, decide to get married and don’t realise that there is a time limit of two years to elect a principle residence.”

It is not a valid defence that you don't know the law.

Tuesday, March 5, 2013 11:26AM Report Comment
 

3. libertas said...

What this will achieve, is derelict homes not sold. People will vote with their feet.

This, I have recently discovered is why so many commercial properties lie empty. Folk are just sitting on them to avoid capital gains tax.

When will Gov-Co realize that tax is the problem, not the solution?

Tuesday, March 5, 2013 07:44PM Report Comment
 

4. stuartking said...

As usual Libertas, you are talking rubbish.

There's no incentive for owners to leave business premises empty to avoid capital gains tax because the owners of said premises are liable for full business rates after three months.

Owners of empty private housing are also liable to council tax.

Wednesday, March 6, 2013 12:35AM Report Comment
 

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